A minor amendment in section can change the whole situation and scenario. The same was happened in sec 44AB in 2016 and now in 2020 budget. Before 2016, the turnover limit for sec 44AB and Sec 44AD were identical. Thereafter, in Budget 2016, the turnover limit for Sec 44AD has been raised to INR 2 […]
The government imposed a tax collection at source akin to TDS on remittances — after an internal survey by the income tax department, showed that a large number of those sending out money had not filed income tax returns.
If many people don’t pay taxes or find ways of paying no tax, those who pay honestly will bear the burden. I want to introspect every Indian – do you accept this? The Premier’s appeal is a result of India’s slowing tax collections, “said Narendra Modi at the beginning of last month. India has, partly […]
Notice under section 153C was to be issued with recording of separate satisfaction note even if AO of searched person and the other person, i.e., assessee was one and the same,therefore, in absence of the same, any order passed, in pursuance of such notice was void ab-initio and liable to be quashed
After amendment of section 110(2) it was concluded that no separate notice was necessary, before extending the period of limitation by a further six months (for issuance of show cause notice); the authority had to record reasons in writing, which of course, should be based on materials and inform the concerned party about the extension before the expiry of the first period of six months.
Adjudicating Authority was right in in imposing a penalty under the provision of Section 114A and Section 114AA of the Customs Act, 1962 as both the appellants were fully aware that M/s B Pvt. Ltd. was importing complete Segway electrically operated product in CKD condition by mis-declaring the same as CKD parts of components such as Power unit, transmission kit, etc.
When any application/ document required to be filed with the Central Government or with Registrar and if it is not done within the time limit as specified in the respective provisions under the Companies Act, 2013 then there is need to follow the a separate procedure for Condonation of delay. As we all know that […]
Arjun (Fictional Character): Krishna, several cases of fraudulent claim input tax credit (ITC) have been caught by the GST authorities. Considering the same, in Union Budget 2020 it has been proposed to take massive steps to curb issuance of fake invoice. So, what are they? Krishna (Fictional Character): Arjuna, to curb issuance of fake invoices, […]
Recently Mr. Somu Naga Chandra has sought for Certain Information under RTI Act from ICAI regarding number of application received for inspection, Verification or issue of certified copies for CA Final Examination held in May, 2018, November, 2018 and May, 2019 under Normal ICAI Provisions and under RTI Law. He specifically asked the details of […]
The Direct Tax Vivad se Vishwas Bill which was introduced in the Lok Sabha on 5th February, 2020 is expected to come up for passage in the next Parliament session beginning March 2, 2020.
